26 Tex. Admin. Code § 910.55 - Investing Department Funds
(a) The CEO or
designee must ensure that funds which are not required for current use are
invested with Texas financial institutions or the Central Office investment
plan. Earnings on invested funds other than trust funds shall be added to the
funds from which earnings are derived. The interest rate and the availability
for withdrawal in case of emergency must be considered in making investment
selections.
(1) Texas financial institutions.
If the Texas financial institution is insured under state or federal law, the
funds may be invested in certificates of deposit or savings accounts. If the
investment amount exceeds the limits of state and federal insurance the
investment source must pledge additional securities equal to the investment
amount.
(2) Central Office
investment program. Central Office offers a short term fund, current interest
rate, investment plan for the benefit of all facilities. Funds may be
Transferred to Central Office, Financial Services in multiples of $2,500 for
immediate return upon request. Interest payments are remitted by Central
Office, Financial Services at the end of each month.
(b) A register of investments, including
individuals' personal funds must be maintained in the office of the CEO or
designee, including:
(1) name of financial
institution;
(2) a description of
each investment;
(3) the amount and
date of the investment;
(4)
interest due dates;
(5) interest
paid dates;
(6) maturity date;
and
(7) reinvestment
information.
(c) The CEO
or designee must use the register of investments to verify collection of income
and principal.
Notes
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